| The effect of sustainability-related matters on financial statements |
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The hype of sustainability reporting in the accounting profession has highlighted a need to apply a “sustainability lens” to everything entities do. The Secretariat of the ASB issued guidance on the effect of sustainability-related matters on an entity’s reporting in the financial statements.
“Sustainability-related matters” refers to the events that have an impact on the sustainable development goals determined by the United Nations. The guidance provides a snapshot of how the effect of sustainability-related matters can affect the reporting requirements in the various GRAP Standards. The guidance does not address all instances of sustainability-related matters - there could be other instances where sustainability-related matters are relevant when preparing financial statements. Entities should apply judgement when assessing whether the effect of sustainability-related matters are material to their financial statements. The guidance is not authoritative.
Access the guidance here. |
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